Five Tips for Maximizing Merit Aid

Figuring out the bottom line when it comes to the cost of your college education is definitely stressful. With everything that goes into determining your financial aid package (your parents’ income, your earnings and your family’s net assets), it’s important to understand that merit aid (aid based on a student’s attributes like (academics, athletics, extracurriculars, etc.) is available to student regardless of their “need.” New federal rules are blurring the distinction between scholarships awarded on merit and grants awarded because of a student’s financial need – for instance, a growing number of colleges now award “need-based” aid to students from families earning six figures! – so we’ve compiled a few helpful tips to maximize your chances for merit aid and increase your overall financial aid package.

Fill out the FAFSA. Federal rules have changed and college aid officials are now allowed to award need-based aid to students whose parents earned decent salaries last year but have recently been laid off; institutions can also make accommodations for a family’s unique circumstances, such as high medical bills.

Apply to schools where you’d rank at the top. While your dream school might be an Ivy League, you should apply to at least a few colleges where your GPA would put you in the top 25 percent of the student body.

Do the research. If you’re interested in a college, find out what it has to offer when it comes to merit aid. You might qualify for more awards than you think!

Before making a final decision, compare net prices. Consider the cost of attendance in its entirety, including tuition and fees, room and board, books and transportation. The school that offers the most in merit aid might not be the best choice; sometimes the college offering the largest merit scholarship might have the highest net price because its tuition is higher.

Don’t be afraid to negotiate. Believe it or not, you have leverage when it comes to negotiating your merit aid package. If you have received admission letters from two or more universities and your first choice has a higher net price than your second choice, contact your first choice institution (which one is “that institution”...first or second choice?)! Some schools might be willing to match the merit aid offered, which would provide you the opportunity to attend your first choice school for less money!